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Cryptocurrency Businesses Are Now legal in Belarus

Belarus is one of the most crypto-supportive countries in the world. The government has taken several measures in order to allow virtual currency and blockchain investments to freely expand in the European country. Now, a presidential decree titled “On the Development of the Digital Economy,” and released on march the 28, considers crypto-related activities as legal.

Belarus Legalizes Cryptocurrency Activities

Belarus is now ready to attract investors that are interested in cryptocurrencies and blockchain technology. Since very long time, this Eastern European country has been pushing for policies that would benefit the crypto and blockchain industry.

ABC News
ABC News

Clearly, the position that the government is taken towards cryptocurrencies is contradictory to the positions it has in politics and economy. The president has announced that it wants to implement a market socialism. Control and regulations are a daily matter for Belarusians, but cryptocurrency businessman are protected against that.

In December 2017, president Alexander Lukashenko signed the Decree Nº8 that entered into force on march the 28th. The intention is to create favourable conditions for the digital economy to grow and develop in Belarus.

The decree legalizes crypto business activities, exchange services, initial coin offerings (ICOs) and cryptocurrency mining operations. At the same time, the document does not implement restrictions in storing, issuing or trading digital tokens.

If individuals, entrepreneurs, and businesses want to invest in cryptocurrencies and freely operate in the country, they need to register as residents of the Belarus High Technologies Park.

The Decree includes tax reductions and exemptions and other similar incentives for crypto-related businesses for the next 5 years. For example, companies that issue cryptocurrencies, tokens or are involved in mining activities would not have to pay taxes. At the same time, firms that are based abroad will not be taxed in Belarus.

The new measures will reduce bureaucratic procedures to start business operations in the country. Besides that, employees and investors in the Hi-Tech Park will not have to apply for work permits. Additionally, workers at the High Technologies Park will benefit from a special visa regime that will grant them temporary residence in the country.

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